economy
Maybe we shouldn’t give 24-year-olds billions of dollars to bet on AI
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TL;DR
- Hedge fund Situational Awareness, founded by a 24-year-old, has sold off most of its public stock portfolio.
- The fund, which focused on artificial intelligence bets, fell from $45 billion to $10 billion in value.
- Assets were sold to Ken Griffin's Citadel after several weeks of losses in AI stocks.
- The fund's strategy was based on predictions of rapid advancement and arrival of artificial general intelligence.
- Backers included prominent figures in the tech and finance industries.
- The founder, Leopold Aschenbrenner, lacked traditional money management experience but had cultivated social connections and was seen as an 'economics prodigy'.